Japan’s Nippon Life Insurance Company has completed the acquisition of a 24.75% minority stake in asset manager TCW from The Carlyle Group.

The deal boosts TCW’s management and employee ownership to 44.07%. Meanwhile, Carlyle now holds 31.18% stake in the business through Carlyle Global Partners, its private equity fund.

The transaction, whose financial terms were not revealed, was announced in early December 2017.

The TCW board now comprises nine directors, which includes TCW’s Marc Stern, David Lippman, Laird Landmann, and Jess Ravich; Carlyle’s Eliot Merrill, John Redett and James Burr; and Nippon Life Insurance’s Hiroyuki Nishi and Yutaka Ideguchi.

TCW president and CEO David Lippman said: “As we embark on this new phase of TCW’s evolution, I am very excited to do so with two partners who are equally as dedicated to building long-term value for the benefit of our clients.

“This alignment of culture is crucial, and I look forward to working with Nippon Life and Carlyle for many years to come.”

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